Home equity loans prior to Dec 2017 grandfathered in for interest dedcution?

Forum|Forum|6 years ago
December 7, 2019
19 replies
42 views

Im only finding articles from the beginning of 2018, that says they are...I could have sworn I saw that it changed and all HELs are affected by the new rules and deducting interest.

Can someone please link me to something current?

ProSeries Professional

This topic has been closed for replies.

Best answer by Marc-TaxMan

No

Starting 2018: Only Home Equity Loans used to acquire / improve the residence.

NO grandfathering

M

Marc-TaxManAnswer

Level 7

No

Starting 2018: Only Home Equity Loans used to acquire / improve the residence.

NO grandfathering

Just-Lisa-Now-

Author

Intuit Community Champion

So if you got a HEL back in 2005 and used it for whatever, since it didn't matter back then...now you need to go back and see how much was used over the years to improve the residence in order to decide how much is deductible?

That's how I understood it as well...but I cant find anything in writing anywhere! I guess I can dig back through the book from the seminar I went to in Dec.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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